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Updated over 6 years ago on . Most recent reply

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55
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14
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Lee L.
14
Votes |
55
Posts

failing, failing miserably

Lee L.
Posted

STR in the Mount Snow VT area, I just started this fall, it is a family owned house. We are entering the peak rental season and so far I only have 2 bookings. If I can't increase the bookings enough to cover the expenses of running the house at least we are going to have to sell it.

Most Popular Reply

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533
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433
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Michael Greenberg
  • Investor
  • Denver, CO
433
Votes |
533
Posts
Michael Greenberg
  • Investor
  • Denver, CO
Replied

Hi @Lee L.,

Initial thoughts - design, pricing, photos, reviews and patience! There is an odd thing about listing STR's (I just listed another one) in that it takes a while to rent consistently. I took a brief look at your property and I would recommend a number of items. First thing - what does MarketMaker and your competitive set look like on HA? Are your rates competitive? It matters when you're just getting started - get your rates down below your comp set and raise them later. If you're using market maker, adjust the slider to occupancy and accept the changes in pricing. Second - the place looks pretty dated in your photos. I would also consider moving the bunk bed out of the living space or at least get it out of your photos. I would consider hiring a professional photographer for a few hundred bucks and if you're willing to make the investment, get the furnishings updated and consider a kitchen overhaul. You also need more photos and details. The back deck looks very appealing, how about some furniture and a fire pit with some cool Adirondack chairs? Maybe have some friends spend the night and get them to review your property - it matters and you need some 5-star reviews. Final note - stay patient - it's hard to do when you're starting out but it is worth it in the end.

Hope that helps a bit and I'm sure you'll get some additional feedback here from the BP group!

Mike

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